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3. Analysis of Capital Resources and Liquidity
Assets, Liabilities and Net Assets
Condensed Consolidated Balance Sheets (Unit: billion yen)
As of March 31 2013 2014
YoY
Change
Assets
Current assets . . . . . . . . . . . . . . . . 1,722.2 1,866.4 144.1
Property, plant and equipment . . 618.4 619.6 1.1
Intangible assets . . . . . . . . . . . . . . 187.3 186.2 (1.0)
Investments and
other non-current assets . . . . . . . . 392.2 407.2 14.9
Total assets . . . . . . . . . . . . . . . . . . 2,920.3 3,079.5 159.2
Liabilities
Current liabilities . . . . . . . . . . . . . . 1,568.5 1,462.3 (106.1)
Long-term liabilities . . . . . . . . . . . 599.3 914.7 315.3
Total liabilities . . . . . . . . . . . . . . . . 2,167.8 2,377.0 209.1
Net assets
Shareholders’ equity . . . . . . . . . . . 825.5 874.2 48.6
Accumulated other
comprehensive income . . . . . . . . (201.5) (301.0) (99.5)
Minority interests in
consolidated subsidiaries . . . . . . 128.3 129.1 0.8
Total net assets . . . . . . . . . . . . . . . 752.4 702.4 (49.9)
Total liabilities and net assets . . . 2,920.3 3,079.5 159.2
Cash and cash equivalents at
end of year . . . . . . . . . . . . . . . . . . . 286.6 301.1 14.5
Interest-bearing loans . . . . . . . . . . . . 534.9 519.6 (15.3)
Net interest-bearing loans . . . . . . . . 248.3 218.4 (29.8)
Owners’ equity . . . . . . . . . . . . . . . . . . 624.0 573.2 (50.8)
Notes: Year-end balance of interest-bearing loans: Short-term borrowings and
current portion of bonds payable (Current liabilities) + Long-term
borrowings and bonds payable (Long-term liabilities)*
Net interest-bearing loans: Interest-bearing loans – Cash and cash
equivalents
Owners’ equity: Net assets – Subscription rights to shares – Minority
interests in consolidated subsidiaries
* ¥284.5 billion of cash and cash equivalents in consolidated state-
ments of cash flows as of the end of the previous fiscal year is calcu-
lated by deducting ¥2.0 billion of overdrafts, which is categorized
within short-term borrowings in current liabilities, from cash and cash
equivalents in the consolidated balance sheets.
Reference: Financial Indicators (Unit: billion yen)
Years ended March 31 2013 2014 YoY Change
Inventories. . . . . . . . . . . . . 323.0 330.2 7.1
[Inventory turnover ratio] . . [13.33] [14.58] [1.25]
[Monthly inventory
turnover rate] . . . . . . . . . [1.00] [1.07] [0.07]
Shareholders’ equity ratio . . 28.3% 28.4% 0.1%
Owners’ equity ratio . . . . . 21.4% 18.6% (2.8%)
D/E ratio (times) . . . . . . . . 0.86 0.91 0.05
Net D/E ratio (times) . . . . . 0.40 0.38 (0.02)
Notes: Inventory turnover ratio: Net sales ÷ {(Beginning balance of inventories
+ Year-end balance of inventories) ÷ 2}
Monthly inventory turnover: Net sales ÷ Average inventories during
period* ÷ 12
Shareholders’ equity ratio: Shareholders’ equity ÷ Total assets
Owners’ equity ratio: Owners’ equity ÷ Total assets
D/E ratio: Interest-bearing loans ÷ Owners’ equity
Net D/E ratio: (Interest-bearing loans – Cash and cash equivalents) ÷
Owners’ equity
* Average inventories during the period are calculated as the average
of the ending balance of inventories for each of the four quarters of
the fiscal year.
Reference: Status of Retirement Benefit Plans (Unit: billion yen)
Years ended March 31 2013 2014 YoY Change
a. Projected benefit
obligation . . . . . . . . . . (2,151.1) (2,248.4) (97.2)
b. Plan assets . . . . . . . . . . 1,686.9 1,865.1 178.1
c. Projected benefit
obligation in excess of
plan assets (a)+(b) . . . (464.2) (383.3) 80.8
(Net assets)
Remeasurements of
defined benefit plans,
net of taxes . . . . . . . . . . . (149.7) (321.5) (171.8)
In Japan . . . . . . . . . . . . . — (146.7) (146.7)
Outside Japan . . . . . . . . (149.7) (174.8) (25.0)
Unrecognized
Obligation for
Retirement Benefits
for Plans in Japan . . . . (308.7) (212.6) 96.1
(Assumptions used in accounting for the plans)
Discount Rates
In Japan . . . . . . . . . . . . . 1.7% 1.7% —%
Outside Japan
(Mainly in the UK) . . . mainly 4.4% mainly 4.4% —%
MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS
111
FUJITSU LIMITED ANNUAL REPORT 2014
MANAGEMENT FACTS & FIGURESRESPONSIBILITYPERFORMANCE